Canadian Overseas Petroleum Limited ("COPL"), an international oil and gas exploration and development company focused on offshore Africa, announces that its 50% owned joint venture company, Shoreline CanOverseas Petroleum Development Corporation Limited ("ShoreCan"), has executed definitive agreements with Essar Exploration & Production Limited (Mauritius) ("Essar Mauritius") to resolve their disputes as outlined in the agreement in principal announced by the Company on June 4th 2020. ShoreCan and Essar Mauritius have entered into a Sale and Purchase Agreement, and other agreements, with each other concerning, among other things, their respective obligations under the Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria") Shareholders Agreement.

Arthur Millholland, President and CEO, commented: 
“The execution of these definitive agreements is the first step in the transformation of the Company. This is a tremendous asset and our interest in it is appropriate for this time in the business cycle. Going forward there are opportunities available to COPL at low entry costs as a result of the drop in oil prices due the COVID-19 pandemic. We are evaluating these with the view of adding opportunities which offer near term production and cash flow with good economics during this period of low oil prices.”  

KeyFacts Energy: Canadian Overseas Petroleum Nigeria country profile